Both the countries also signed an agreement on exemption from visa requirement for holders of diplomatic passports.

PM launches railway projects in Mysuru

The Prime Minister, Shri Narendra Modi today dedicated to the nation, the electrification of railway line between Mysuru and KSR Bengaluru. At a function at Mysuru Railway Station, he also flagged off the Palace Queen Humsafar Express between Mysuru and Udaipur.

The ‘Water Quality Research’ programme has eight projects and ‘Energy Demand Reduction in Built Environment’ programme has four projects, with a total joint investment of up to £15 million. These projects aim to deliver mutual benefits and research solutions not only to the UK and India but also to address shared global sustainable development goals – clean water and clean energy.

India’s first artificial intelligence centre

Maharashtra state govt will be setting up India’s 1st institute for artificial intelligence.

The AI institute will give a fresh impetus to the ‘fourth industrial revolution’ & promote Mumbai as an investment destination in innovations & data analysis.

CM Devendra Fadnavis will unveil the plan for the institute during Magnetic Maharashtra Summit which will be inaugurated by PM Modi on Feb 18.

India slides 16 spots on globalisation index

According to Global Connectedness Index 2016, India dropped 16 spots to 78 from 62 in 11 years to 2015.
India’s 16-place drop was the 2nd worst change among its neighbours in central & south Asia.

Georgia fared the best by moving up 43 spots to 56 while Sri Lanka was the worst, dropping 19 spots to 86.

The index takes into account international flows of trade, capital, information & people.

MoU Signed between BSI and NHM, UK

Botanical Survey of India & Natural History Museum have signed a MoU for cooperation in the field of genetic studies, research, training & conservation in India.

NHM will help in capacity building in areas of systematic botany & long-term conservation of plant genetic resources.

BSI is an organization for survey, research & conservation of plant resources, flora & endangered species of India.

Canadian PM Justin Trudeau Arrives in India

Canadian PM Justin Trudeau is on a 7 day visit to India to further strengthen strategic ties with a focus on defence and counter-terrorism besides expanding trade and investment ties.

Both sides are also expected to deliberate on enhancing cooperation in a civil nuclear sector.

His visit comes three years after PM Narendra Modi’s state visit to Canada.

Privatisation of cooperative spinning mills

Maharashtra govt has decided to allow privatisation of spinning mills & powerloom societies that are operated on cooperative basis across the state.

It will be allowed to be privatised provided they are ready to return the govt equity, loan & interest thereupon.

State’s new textile policy allows them to change land use, which means they can use it for reasons other than industrial purpose.

Pakistan borrows $500 million from China

Pakistan has contracted a commercial loan of $500 million from the Industrial and Commercial Bank of China (ICBC) to shore up its depleting reserves.

This is the 2nd loan that the ICBC has given to Pakistan to support its diminishing foreign currency reserves.

The loans are obtained to stop the downward slide of the official foreign currency reserves that currently stand at $12.8 billion.

Union Bank hit by fraud

Days after the fraud at PNB shook the country, Union Bank has suffered three fraudulent remittances of nearly $2 million.

Just like the fraud at PNB, no entries of remittances were made in the ledgers of City Union Bank & transfers were pushed through the SWIFT financial platform.

The transfers were made through correspondent banks even though it had not requested the transfers.

Maharashtra’s first global investors summit

This is Maharashtra’s first Global Investors Summit and is being regarded as one of the biggest such events, especially on the lines of the ‘Make In India’ initiative.

The summit is being attended by the top names from India Inc as well as prominent global corporates.

Pranab Mukherjee to get honorary D.Litt

Former President Pranab Mukherjee will be conferred an honorary D.Litt by the Indian Institute of Engineering Science and Technology.

Mukherjee will be conferred the honour during IIEST convocation for his role as a public figure for many decades.

Mukherjee was also awarded an honorary D. Litt by Jadavpur University in December last year.

RIL eyes ₹60,000 cr. digital industrial area

Reliance Industries (RIL), along with global firms, is planning to invest more than ₹60,000 crore in Maharashtra in the next 10 years for establishing an integrated digital industrial area for the ‘fourth industrial revolution.’

“RIL, along with other global companies, will invest over ₹60,000 crore in the next 10 years in Maharashtra which will be the first integrated digital industrial area in the country,” said Mukesh Ambani, chairman, RIL.

India, Indonesia begin joint drill

A special task force of Indian Army & Indonesian Army have begun the 6th Garuda Shakti exercise in the West Java province of the archipelago country.

Drill aims to build experience sharing in counter-terrorism operations, close quarter combat & other areas of special operations.

Singapore to impose carbon tax from 2019

Singapore said Monday it would impose a carbon tax from next year to cut its greenhouse gas emissions and make companies more competitive as global agreements on climate change take effect.

Finance minister Heng Swee Keat said the tax would be levied on all facilities producing 25,000 tonnes or more of greenhouse gas emissions a year.

The tax, to be applied to all sectors, will be Sg$5.0 ($3.8) per tonne of greenhouse gas emissions from 2019 to 2023, after which the levy will be reviewed and possibly raised to between Sg$10 and Sg$15 per tonne by 2030.

Axis Bank hikes MCLR by 10 basis points

Axis Bank has hiked its benchmark marginal cost of funds based lending rate by 10 basis points in the three month to three year buckets.

The bank’s 3 month MCLR is now 8.15% and 6 months at 8.30% while the 1 year rate is 8.40%.

This is the second time that the bank has hiked its lending rates in two months.

MCLR is closely linked to the cost banks pay on their deposits.

PhonePe Partners With IOCL For Deployment Of PoS Terminals

Digital payments entity PhonePe partnered with Indian Oil Corporation Limited (IOCL) for the adoption of its indigenously-designed Point of Sale (POS) device at IOCL retail outlets.

As part of this partnership, customers can pay using UPI, credit and debit cards, PhonePe wallet and other external wallets like Jio Money & Freecharge for their fuel purchases, through the PoS device at 30 IOCL retail outlets in Bengaluru.

PSB to transfer officers completing 3 years

Central Vigilance Commission has issued an advisory to all public sector banks ordering them to transfer the officers who have completed 3 yrs as on Dec 31, 2017.

As per Bank’s Transfer Policy, no officer would be retained in the same post for a period in excess of 3 yrs & in the same station for a period in excess of 5 yrs.

CVC is an apex governmental body to address governmental corruption.

Saudi Arabia allows women to start business

Women in Saudi Arabia can now open their own businesses without the consent of a husband or male relative.

Women can now practice all their commercial transactions in Ministry of Commerce & Investment without a guardian or a notary.

This approach will open the door to women in Saudi to highlight their talents & ideas & translate them into a realistic business with a worthy financial return.

ISRO plans to launch 2nd space observatory

Indian Space Research Organisation is planning to launch the country’s second AstroSat-2 or space observatory.

The mission is meant to further the study of astronomy and astrophysics.

The advantage of having such a space observatory in outer space is that it helps observe distant planets, galaxies and other astronomical objects more clearly than from the Earth.

Paytm appoints Pallavi Shroff as board member

Paytm has appointed Pallavi Shroff, managing partner of Shardul Amarchand Mangaldas law firm to its board of directors.

Her appointment will drive the growth of financial services business such as lending, insurance & wealth management.

She joins as an independent director & is the 7th appointee to Paytm’s board.

Shoaib Akhtar named PCB brand ambassador

Former Pak pacer Shoaib Akhtar has been named as the brand ambassador of Pakistan Cricket Board.